Things might be looking up for blockchain based projects in South Korea as they might soon receive major funding from both the public and private sector.
As per a report by South Korean news media, KiNews, a group of private sector based companies will team up with the South Korean government in order to fund three blockchain companies; an online car trading platform, one for collecting charity donations and a financial services platform.
Altogether a total of 8 billion won which approximately makes around $7.7 million dollars is being sponsored in order to develop three key areas i.e. the used car service industry, the de-centralized donation platforms and ID/certified network based service.
As per the report, this is being done as a result of a combined funding of USD 4 million via the Korea Internet Development Agency (KIDA) and the Ministry of Commerce, Industry and Energy while the rest is being sourced from various private sector companies which include the country’s crypto exchange operators, banks and conglomerates among others.
The two government bodies held discussions with the stakeholder in December of last year and the project was finalized at the end of January 2019. According to the ministry and KIDA, negotiations and discussions will conclude in mid-March after which the project will begin.
As per KiNews, the Director of Internet Convergence Policy at the Ministry of Information and Communication, Kim Jung-Won, said in a statement, “In order to secure the competitiveness of Korea’s block chain technology and industry, it is urgent to create a block-chain industrial ecosystem led by the private sector. The government has a virtuous circle system in which technology, manpower, We will fulfill our role as prime minister through policy support. ”
Talking about the three projects which will be lead by private sector companies, Hyundai’s AutoEver blockchain platform engages in the buying and selling of automobiles online but will not be the only platform from the Hyundai Group’s side as another subsidy called Blocko, ABC Solutions and Hyundai Glovis will also be at the forefront of providing blockchain based solutions.
Next on the list is a team from the e4net’s side which proposes a decentralized donation platform which includes companies such as ChildFund, Inoblock and Dunamu.
The third and final project has to do with educationsal and financial services and is led by the SK Telecom which includes CPDAX, Koscom, Coinplug and LG U+ among others.